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Lemon Life has produced the following variance analysis report. If Lemon Life has a policy...

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Accounting

Lemon Life has produced the following variance analysis report. If Lemon Life has a policy to investigate variances over 10% of the flexible budget, which variances should be investigated?

Actual Flexible budget Budget Variance Price Variance Quantity Variance
DM $324,240 $298,000 $26,240 U $39,000 U ($12,760) F
DL $215,580 $300,000 ($84,420) F ($13,000) F ($71,420) F
VOH $231,860 $249,000 ($17,140) F $2,000 U ($19,140) F

The direct labor rate variance and the direct labor efficiency variance.

The direct materials price variance and the direct labor efficiency variance.

The direct materials price variance and the variable overhead efficiency variance.

The direct materials quantity variance and the variable overhead efficiency variance.

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